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McCain urges Cong to fix financial crisis

John McCain urged members of Congress to "immediately" renew efforts to craft Wall Street bailout legislation, after a bill to help resolve the widening financial crisis was defeated in the House of Representatives.

world Updated: Sep 30, 2008 12:45 IST

Republican White House contender John McCain urged members of Congress on Monday to "immediately" renew efforts to craft Wall Street bailout legislation, after a bill to help resolve the widening financial crisis was defeated in the House of Representatives.

"I call on Congress to get back, obviously, immediately to address this crisis" and to "go back to the drawing board," McCain said in a televised address from the campaign trail.

"Now is not the time to fix the blame, it's time to fix the problem," he said after the House rejected the $-700-billion Wall Street bailout bill which sent US stocks crashing to their worst single day loss ever.

McCain supported the massive package to help stabilise fragile markets and steady an economy reeling from a burst US housing bubble that has ravaged the global banking system and dried up credit flows.

But Republican foes of the bill and rebel Democrats combined to doom the legislation by 228 votes to 205, after President George W Bush had pleaded for its passage.

"I was hopeful that the improved rescue plan would have had the votes needed to pass," McCain said. "Because addressing the credit crisis is a vital importance to families, small businesses, and every working American. We must be assured that their assets are safe and protected, and that our economy will continue to function."

McCain took aim across the aisle at Democrats, including his presidential rival Barack Obama, who he and his camp said have sabotaged the bill by using partisan politics."Our leaders are expected to leave partisanship at the door and come to the table to solve our problems," he said.

"Senator Obama and his allies in Congress infused unnecessary partisanship into the process. One of my messages I have to Congress is, get this done.